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We live in a constantly evolving world, and the pace of change is accelerating. Even before the pandemic, the Fourth Industrial Revolution (4IR) had already been transforming our lives into science fiction with disruptive technologies and automation. Klaus Schwab, a thought leader and World Economic Forum (WEF) Founder, characterized 4IR as the fusion of technologies like Artificial Intelligence (AI), robotics, nanotechnology, the Internet of Things (IoT), etc. that is blurring the line between the physical, digital and biological spheres. As a result, employees wonder about their job security and organizations worry the workforce won’t grow at the speed of the business, which creates a sense of urgency for upskilling and reskilling on a large scale.
According to McKinsey Insights, up to 30 to 40 percent of workers in developed countries may need to move into new roles or upskill significantly by 2030. In another report, WEF and PwC suggests that half of the global workforce will need reskilling by 2025.
It is no longer a feeling that we need to upskill our workforce, but a call to action. In a broader sense, while upskilling relates to building on current skills to perform better in a present or future role, reskilling means developing different skills to perform in a new role. So how does it benefit employees and organizations alike?
From an employee’s view, upskilling with purpose can:
From an organization’s view, purposeful upskilling can:
Imagine a world where your workforce is ready to overcome changes and stay on top of business growth. Let that image drive your vision of transformation, not hinder it. Companies that can turn purpose into actions and encourage employees to live their values at work can create a win-win situation. When organizational and employee standards align, staff engagement and sense of purpose at work strengthens. Companies that invest in a shared mindset and core values will flourish and retain their best people.